logo

Internal Control Weaknesses and Mitigation

   

Added on  2020-03-23

8 Pages2252 Words53 Views
Finance
 | 
 | 
 | 
Running head: Accounting Information Systems1Accounting Information SystemsNameAffiliate Institution
Internal Control Weaknesses and Mitigation_1

Running head: Accounting Information Systems2Executive SummaryThis report outlines about internal control weaknesses. They can be prevented by ensuring that all transactions are documented correctly, key controls are documented in major business cycles, transaction authentication is done before allocating orders, main review procedures like financialdocumentation are performed, and evaluation of information system is done among others. This will influence consistency, transparency and efficiency of the business.Controls test for the revenue cycle involves who receives and grant credit sales; the separation ofrole for documenting, recording, and shipping sales orders; correct documentation for collating and banking cash and filing the receipts; the right authority and records to permit discounts for cash or early payments and purchase returns; and administration authorization to identify that an account is uncollectable debt.
Internal Control Weaknesses and Mitigation_2

Running head: Accounting Information Systems3Table of ContentsExecutive Summary.........................................................................................................................2Introduction......................................................................................................................................4Internal Control weaknesses............................................................................................................4Ransomware....................................................................................................................................7Conclusion.......................................................................................................................................7Recommendation.............................................................................................................................7References........................................................................................................................................8
Internal Control Weaknesses and Mitigation_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Cybersecurity Measures for Businesses
|9
|1549
|93

Motherboards and More Pty Ltd
|7
|1373
|487

Revenue Cycle & Ransomware Prevention
|8
|1485
|419

Ransomware Threats and Mitigation Strategies
|9
|1690
|42

Cybersecurity and Data Backup for Businesses
|9
|1642
|30

Case Study: Paradise Industry
|14
|2841
|86